The propylene market is estimated to be valued at US$ 4.37 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Propylene is an organic chemical that is primarily used to produce polypropylene which finds applications in a variety of industries such as automotive, packaging, textiles, constructions, etc. Polypropylene is a versatile plastic with excellent chemical and corrosion resistance properties. It is used to make films, fibers, batteries, medical devices, pipes and fittings among other things. Propylene derivatives also have applications as adhesives and sealants in construction and industrial sectors.
Market Dynamics:
The growth of the propylene market is driven by increasing demand from industries such as automotive, packaging, constructions among others. growth. Polypropylene demand is surging owing to rising vehicle production and need for lightweight materials in automotive interiors and components. In constructions, polypropylene is increasingly being used to make pipes, fittings, insulation boards and sheets which is fuelling the propylene consumption. Furthermore, rapid urbanization has augmented the infrastructure development globally, thus propelling the growth of construction sector. Additionally, strong revival of industrial activities post pandemic has augmented the demand for polypropylene in industrial applications such as batteries, medical devices, industrial equipment etc. However, volatility in crude oil prices which is the primary feedstock for producing propylene can hamper the market growth.\
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